What is the last step in strategic planning?

The last step in the strategic planning process is strategic control. This involves monitoring and evaluating the execution of the strategic plan to ensure that the organization is achieving its objectives and making necessary adjustments.

Strategic Management Process:

The strategic management process includes developing the firm's vision and mission, strategic analysis, setting objectives, creating and implementing strategies, and finally, measuring and evaluating performance.

Strategic control is the step where managers assess whether the strategies and plans are being effectively implemented and whether they are leading the organization towards its goals​​.

Purpose of Strategic Control:

It ensures that the organization is moving in the right direction and that the strategic plans are yielding the desired outcomes.

It involves setting performance standards, measuring actual performance, comparing it with the standards, and taking corrective actions if necessary​​.

Components of Strategic Control:

Performance Measurement: This involves tracking the progress of strategy implementation through key performance indicators (KPIs).

Feedback and Adjustment: Based on performance data, managers provide feedback and make adjustments to strategies to address any deviations from the planned objectives​​.